Questions and Answers
What is the purpose of developing theories and models in economics?
To explain why something is as it is
How are theories and models expressed differently?
Theories are expressed in words, while models are expressed in mathematical terms
What does the term 'ceteris paribus' mean in economics?
All other things remaining equal
What is the relationship between theories and models in economics?
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Why do economists need to make assumptions when developing economic models?
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